Companies mentioned in this article include OceanaGold Corp. (TSX:OGC).

Article Excerpt:

The Canadian markets are alive with earnings reports on Wednesday ahead of the key report on second quarter gross domestic product from Statistics Canada tomorrow. Canadians will be hoping to see that their economy grew alongside the U.S. economy, which a report from Washington D.C. showed expanded by a 4.0 percent annual rate in the second quarter after contracting by a revised 2.1 percent in the first quarter. The acceleration is weighing on gold prices, as the U.S. Federal Reserve said it is further reducing its stimulus package. The resource heavy Toronto exchanges are ignoring slipping bullion and pushing onward, with the Composite on pace for another record close.

Shares of OceanaGold Corp. (TSX:OGC) are not joining in the fun, edging lower after the multinational gold producer released its quarterly report showing it swung to a net loss in the second quarter after a profitable first quarter. Oceana has mines in the Phillippines and on the South Island of New Zealand. The New Zealand assets are the largest gold mining operation in country and include Macraes (open pit) and Frasers (underground) mines in Otago and the Reefton (open pit) mine. In the Phillippines, Oceana brought its open-pit Didipio mine in Luzon to commercial production last April.

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